Galectin Therapeutics Inc. Stock Forecast
Weaker technical forecast for Galectin Therapeutics Inc. as stock downgraded to Hold/Accumulate.
(Updated on May 02, 2024)
The Galectin Therapeutics Inc. stock price fell by -3.71% on the last day (Thursday, 2nd May 2024) from $3.50 to $3.37. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 8.92% from a day low at $3.25 to a day high of $3.54. The price has fallen in 7 of the last 10 days and is down by -0.3% for this period. Volume has increased on the last day by 143 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 250 thousand shares were bought and sold for approximately $843.27 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $3.31 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 99.36% during the next 3 months and, with a 90% probability hold a price between $6.60 and $9.54 at the end of this 3-month period.
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GALT Signals & Forecast
The Galectin Therapeutics Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $3.46. On a fall, the stock will find some support from the long-term average at approximately $3.06. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -19.76%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Galectin Therapeutics Inc. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Galectin Therapeutics Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.06 and $3.00. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Galectin Therapeutics Inc. finds support just below today's level at $3.06. If this is broken, then the next support from accumulated volume will be at $3.00 and $2.85.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.290 between high and low, or 8.92%. For the last week, the stock has had daily average volatility of 8.17%.
Our recommended stop-loss: $3.19 (-5.28%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (GALT) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Galectin Therapeutics Inc. to open at $3.39, and during the day (based on 14 day Average True Range), to move between $3.07 and $3.67, which gives a possible trading interval of +/-$0.305 (+/-9.04%) up or down from last closing price. If Galectin Therapeutics Inc. takes out the full calculated possible swing range there will be an estimated 18.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.38 (0.30%) than the support at $3.06 (9.20%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Galectin Therapeutics Inc. stock A Buy?
Galectin Therapeutics Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.636 Hold/Accumulate Downgraded
Predicted Opening Price for Galectin Therapeutics Inc. of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $3.39 ( 0.495%) | $3.37 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GALT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.68 | 9.10 % | |
| R2 | 3.57 | 5.81 % | ||
| R1 | 3.50 | 3.78 % | ||
| Current price: | 3.37 | |||
| Support | S1 | 3.28 | -2.79 % | |
| S2 | 3.21 | -4.82 % | ||
| S3 | 3.10 | -8.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.82 | 13.35 % | |
| R2 | 3.73 | 10.68 % | ||
| R1 | 3.38 | 0.297 % | ||
| Current price | 3.37 | |||
| Support | S1 | 3.06 | -9.20% | |
| S2 | 3.00 | -10.98% | ||
| S3 | 2.85 | -15.43% |
FAQ
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